If the opportunity cost of producing a good domestically is less than the opportunity cost of purchasing it on the world market, a country can gain by
A. decreasing production and increasing exports.
B. decreasing production and increasing imports.
C. increasing production and decreasing imports.
D. increasing production and decreasing exports.
Answer: C
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Whether or not the positive externalities generated by education are inframarginal can be measured with a great degree or certainty
a. True b. False
Between 1965 and 1972, eight major pieces of consumer-protection legislation were enacted. This burst of legislative activity was largely driven by
a. increased public fears following the thalidomide tragedy. b. public outcry following a series of steamboat explosions. c. a general lack of faith in the market. d. widespread support for the "Reagan Revolution.".
The highest fifth of all families receive approximately ____ of the distribution of annual money income among families
a. 5 percent b. 10 percent c. 25 percent d. 50 percent
An increase in output will cause the unemployment rate to fall by a larger percentage if
A. firms are holding excess labor. B. firms have their workers work more overtime. C. firms hire workers who were already employed by other firms to work for them part-time. D. firms aren't holding excess labor.